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According to the tired but true axiom, the three most important things in real estate are location, location and location. In the universe of Los Angeles, that cannot be stressed enough, and where you stay will have a tremendous impact on your L.A. experience. The following are some of the most-recommended areas to lodge.

Downtown Downtown Los Angeles contains the heart of the financial and business districts of the city and is perfect for corporate travelers. All of the best amenities can be found at the swanky Standard Hotel which truly gives a new meaning to the word "standard," or at the luxurious Millennium Biltmore. Formerly the Regal and famous since 1923, it was home to the Academy Awards during the Golden Age of Hollywood. Those wanting to stay within a budget but who still want singular and eclectic accommodations might try the charming Best Western Dragon Gate Inn located right in the heart of Chinatown, the Hotel Figueroa with its funky Southwestern motif, or the elegant Miyako Inn & Spa where you can either gratify yourself with a relaxing massage or have a little late-night fun at their karaoke bar.

Beverly Hills For those with the means, there is simply no other place to stay in town. World-class luxury and service can be found at the Beverly Hills Hotel, the Beverly Hilton or the Beverly Wilshire Beverly Hills. The world-famous Peninsula is also a high-class, luxurious choice for anyone wanting the best in amenities and service. Wherever you choose to stay in this high-end neighborhood, you will be close to some of the very best shopping and dining in the world.

Hollywood Considering Hollywood's status as a tourist mecca, it should come as no surprise that it offers many places to lodge, especially for those on a budget. The Hollywood Celebrity Hotel and the Best Western Hollywood Hills Hotel offer decent rooms for those who want to keep their costs down. All are close to every famous Hollywood attraction, as well as Universal Studios. You'll be in the thick of the action here, although you may not want to walk alone at night in the darkest parts of Hollywood.

Pasadena Nestled at the base of the San Gabriel Mountains, Pasadena offers some of the greatest lodging options for those who want to get away from the urban energy of the rest of L.A. If you want only the best, stay in elegant style at the Langham Huntington Hotel & Spa. The Pasadena Hilton also offers top-notch amenities and great service. For those looking for something other than a large hotel, try the beautiful and charming Artist's Inn or the Bissell House, both offering personalized luxury and service in a bed-and-breakfast setting.

Santa Monica Maybe it's the sound of ocean waves that helps you sleep easier, or maybe it's being near both shopping and recreational beaches —but either way, Santa Monica has proven to be the place to go for many visitors to the area. For those with pockets deeper than the sea, consider the Loews Santa Monica Beach Hotel, the Fairmont Miramar or the ultra-luxurious Shutters on the Beach. All three are located within walking distance of all of Santa Monica's wonders, both natural and man-made, and offer the full royal treatment. For those on more of a budget, the Ocean View Hotel and the classic Art Deco Cadillac Hotel (located in nearby Venice) offer more affordable accommodation while sacrificing very little in the way of amenities or location.

West Hollywood There's always something to be said for being close to the action. For those who long to be in the center of L.A.'s star-studded nightlife, you can't get much closer than a hotel room in West Hollywood. The Chateau Marmont, the Mondrian and the Sunset Tower Hotel offer accommodations fit for a king (with a bill to match). The attractive, modern accommodations at the Andaz West Hollywood are ideal for cosmopolitan travelers looking for a personalized experience, and the rock 'n' roll atmosphere of the Standard Hotel offers great rooms at a fraction of the cost of neighboring hotels. Just about every hotel in the area is located on Sunset and lies within walking distance of the hottest clubs.

Westwood This high-end neighborhood not only boasts UCLA but also offers many bars, restaurants and entertainment options. It also features some of the best accommodations at reasonable prices. The Hilgard House offers wonderful accommodations that aren't exactly cheap, but certainly won't cause you to break the bank. The upscale W Los Angeles is a popular choice featuring world-class service and comfort.